中青旅 20260227 摘要 乌镇春节期间游客量基本恢复至 2019 年水平，营收增长 27%，人均消 费显著提升，主要得益于年俗活动、戏剧节返场、科技文化融合等内容 创新，以及央媒与新媒体平台并举的营销策略，全网曝光达 1 亿次。 古北水镇春节游客量同比大增 136%，营收增长 11.38%，受益于"北 方古镇+司马台长城"差异化资源，以及"打铁花"替代无人机等创新 举措。虽有"预约免门票"政策影响收入增幅，但优先做大人气与口碑 的策略效果显著。 旅行社业务春节预订情况良好，产品形态从快速观光转向深度体验，中 青旅通过产品创新大赛等机制提升产品特色。入境业务散客化趋势明显， 英文导游供给有限，团组对接与组织能力仍是核心优势。 春秋假政策扩围对景区经营构成显著利好，乌镇戏剧节带动效应明显。 应对策略上，景区需持续提升内容供给，面向春秋假客群打造适配产品， 并强化与学校端的联系。 乌镇酒店业态呈现结构性分化，民宿板块表现突出，新开业酒店增长较 好，而部分会所类、宾馆类及开业年限较长的酒店运营效果偏弱。2026 年春节乌镇整体入住率为 85%，房价较 2019 年提升 16%。 Q&A 2026 年春节假期，乌 ...

当前节点推荐旅游板块 近期，埋伏春节的资金兑现、科技周期板块的虹吸导致旅游板块持续走低。 26年重点关注服务消费板块。 #政策端：中央经济工作会议将"内需主导、扩消费"列为 2026 年经济工作首要任务；国办1月印发《加快培育服务 消费新增长点工作方案》，明确服务消费是扩内需核心抓手，两会是政策落地与细化的关键窗口。 #基本面上，2025Q4至今服务消费增速持续跑赢商品消费；春节出行数据亮眼，酒旅航空量价齐升，复苏确定性 高。 此外，#2026年预计是春秋假政策规模化执行之年，目前已经有四川+浙江+吉林+江苏+安徽全省执行，及多省市 试点执行。 陕西旅游、三峡旅游、九华旅游等优质旅游股自高点后跌幅分别为16%、16%、12%。 参考去年9月19日国庆前后板块调整幅度，已经较为接近（三峡、九华距离去年9.19高点涨幅已收窄至13%、- 1%），当前节点，两会临近+4月后清明、春假、五一密集假期节点，我们认为可以逐渐布局。 当前节点推荐旅游板块 近期，埋伏春节的资金兑现、科技周期板块的虹吸导致旅游板块持续走低。 陕西旅游、三峡旅游、九华旅游等优质旅游股自高点后跌幅分别为16%、16%、12%。 参考去年9月19日 ...

Summary of Conference Call on Scenic Area Industry Industry Overview - The report focuses on the scenic area industry, highlighting a favorable investment period driven by policy support and strong supply-demand dynamics [1][2] - The overall vacation system has been significantly optimized, with evidence of its effectiveness already observed [1] Key Points and Arguments Policy Drivers - Various provincial policies have been introduced to stimulate consumption, including a special action plan released by the Central Committee and State Council in March 2025 [2] - The exploration of spring and autumn vacations is being encouraged, with specific plans already in place in provinces like Zhejiang, Jiangsu, Sichuan, and Chongqing [2][3] - Anticipated implementation of 5-9 day continuous holidays in certain provinces by 2026, which is expected to boost demand during off-peak seasons [3] Tourism Demand and Growth - Domestic tourism spending is projected to reach 57.5 trillion yuan in 2024, a 17% increase from 2023, significantly outpacing GDP growth [6] - By Q3 2025, domestic tourism metrics such as visitor numbers and revenue have recovered to 112% and 108% of 2019 levels, respectively [6] - The implementation of new vacation policies is expected to enhance travel demand, particularly during off-peak periods [5] Consumer Behavior and Trends - A shift in consumer behavior is noted, with a more cautious approach leading to a decrease in average spending per trip in 2025 [7] - The student population, approximately 200 million, is identified as a key demographic for future tourism consumption, particularly in educational and experiential travel [7][8] Industry Performance and Challenges - The tourism industry is experiencing a bifurcation, with 50% of 51 analyzed tourism companies reporting revenue declines in the first three quarters of 2025 [10] - Capital operations are heating up, with a notable increase in equity changes and mergers, indicating a consolidation phase in the industry [10][11] Investment Opportunities - Recommendations for investment focus on three main areas: 1. **Transportation Improvements**: Companies like Emei Mountain and Jiuhua Tourism are expected to benefit from enhanced transport links [15] 2. **Resource Injection**: Companies with strong resource integration potential, such as Tianfu Culture and Shaanxi Tourism, are highlighted [16] 3. **New Project Developments**: Companies like Songcheng Performance and Three Gorges Tourism are noted for their upcoming projects [16] Additional Important Insights - The scenic area industry exhibits a seasonal revenue pattern, with peaks during certain holidays and lower activity in colder months [13] - The integration of gamification and experiential offerings in tourism products is emerging as a significant growth driver, as seen in successful case studies like Wansui Mountain [11][12] - The government is expanding its openness to international tourism, with a record number of outbound and inbound travelers in 2025 [12] This summary encapsulates the key insights and trends discussed in the conference call regarding the scenic area industry, emphasizing the interplay between policy, consumer behavior, and investment opportunities.

Core Viewpoint - The recent surge in visitor numbers at Shanghai Disneyland and other popular tourist destinations is attributed to the newly implemented autumn break for primary and secondary school students, leading to significant crowding and increased ticket prices [3][9][10]. Group 1: Visitor Trends - Many parents reported long wait times to enter Disneyland, with some attractions having wait times exceeding 120 minutes [3][5]. - Despite the overcrowding, tickets for specific dates from November 12 to 22 were sold out, indicating sustained demand [5][6]. - The autumn break has led to a notable increase in visitors to various tourist sites, including Jiuzhaigou and other popular destinations [7][9]. Group 2: Economic Impact - The influx of tourists has resulted in a sharp rise in travel and accommodation prices, with reports of flight prices skyrocketing to levels comparable to peak travel seasons [9]. - The implementation of the autumn break policy has been a collaborative effort by multiple government departments, aiming to boost service consumption [10].

Group 1 - The introduction of autumn breaks in various regions has led to a surge in travel demand, with popular destinations experiencing high visitor numbers and sold-out tickets [1][2] - The implementation of autumn breaks is a result of national policies aimed at expanding service consumption, with specific measures announced by the Ministry of Commerce and other departments [2][3] - Data from travel platforms indicates a significant increase in ticket bookings during the autumn break period, with Sichuan province seeing a 3.4 times year-on-year increase in ticket reservations [2][3] Group 2 - Travel agencies are responding to the new autumn break by launching various travel products, including educational tours and autumn-themed trips, to cater to family travel needs [3] - Specific initiatives include free admission for students at certain attractions and bundled offers that combine tickets with hotel stays, aimed at enhancing the travel experience for families [3] - The autumn break policy not only optimizes holiday schedules but also reshapes the structure of cultural and tourism consumption, alleviating pressure during traditional peak travel seasons [3]